REGISTERED CHARITY NUMBER: 328369 ortof tees and cial Statem forthe Ye En 31 December 202 The Shee rove Trust Sumer Auditco Limited Statutory Auditors Hèrmes House Fire FlyAvenu& SwtrKlon Wiltshire SN2 2GA Thes r4)ve Trus onterrts of the F ancial Statements for the Year Ended 31 Decamber 2023 Page Report ol the Trustsos 1 to 3 Report of tho Indèpendent Auditors Stalement of Flnaneial Aktivilies Balanco Sheet Notes to the Flnancial Statsments 8 to 15 Thesh rove Trust Trustee for the Year Ended 31 DeCem￿r 2023 The Iruslees present their report wth the financial statements of the ¢harity for the year end8d 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitses preparing their a(u)unts in accordance vAth th6 Financaal Reporting Standard applicable In tha UK and Republic of Ireland (FRS 102) (effective 1 January 20191 OBJECTIVES AND ACTNMES Objeclives and alms The Sheepdrove Trust is a famlly charity and a large prowrbon of Ihe funrfing goes tovrards intliating the Trusts Own projects and one of its deslr&s is to support Initiatives which increase sustainabilty, blodiv8rsity and organic farTning in thls counlry, for example research ito c(ga￿C pro(knction and rutribon. Th8 Trustees maintain an ongoing dialogue with the indmduals and instituttons to whom they have made grants so a$ to assess th8ir ￿llingneSS to continue Ihal support. The Trusiees request that all individuals and institutions update on their succ￿@8. This is done by rnear￿ of rewrts, meeting updates. newsletters and ethrnails. This infomiation is kèpt the Trust Adminlstralor and enables the Trustees to I￿sure their succ6SS8s and make decisions about further funding. The Truste8s also review now applirAtions for fuThJs 12refvlty to asc8rtain rf those vlll be supported. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding vthat activitsès the chariiy should undertake. All our charitsble activilies are undertaken to further ￿Jr charitable ￿￿oSe$ for the public b&nafiL ACHIEVEMENT AND PERFORMANCE The Charity has a portfdic cf listeth investments that had a market valuo as at 31 D￿em￿¢[ 2023 of £27,898,730 induding cash available for Investment {2022- £26,763,952). The funds are inves18d in good quallty Investments and the income. along with some of th8 tspital appreciation of the Investments. is distribuled at regular interyals. During the year ended 31 December 2023 the fund generated income of £57.61412022: £104). The Trustees granted new donaticns durlng the year totalling £360.942 (2022: £470.906). A list of donalnns is included in note 6. During the past 24 months. the Charity has supported the #StsndByB8es campalgn, spearheaded by Anabel Kindersley. The campaiqn is focussed on cutting the use ol hazardous pestiades and promoting nature-frfendly fanning in the UK, in order to protect bees the British ¢ounlfyEide. FINANCIAL RE￿Ew The Charity has unreslricted reserves only. which. al 31 December 2023 were £27.898.730. All reseNes a￿ held in in lisled Investments and creditors. The charity has large levels of unrestrl¢Xed reserves compared to its level of annual expenditure as its main source of income is from its inveslrnents which need to be maintained for future Income generallon. The trustses acknowledge the increase in funds over recent year5 and will reNiew its grant making policy with the aim of increaslng its grant making. The Trustees will conunuè to pursue a policy of dlstributing funds held by Ihe way of grants. The financial objective of the Trust is to at least maintain the real value of the assets wthilst generating a stable and sustalnable retum to fijnd grant making. The Tnjst seeks to produce the best financial relum wilhin an acceptsble level of risk. The Investrnent criteria are regularly discussed by the Tr￿$teaS with the investment advisern. The inVestm￿ts are managed on a moderateiy dsk averse basis. The Trustees are satisfied with the investment pertorman¢x. The Trustees have assessed the major risks to TAthich the Gharity is aY￿oSed. and are satisfied that systems are in place to mitigate exposure to the major risks. At tho TNstÉes annual meeting, the Trustees discussed all operational. legal and business risks faced by the Charlty and confirmed that thèy have establFshed syslems to mitigate any signifi&3nt risks. FUTURE PLANS The Chadly plans to contlnue Its support for diverse causes. STRUCTURE, GOVERNANCE ANO PAANAGEMENT Goveming documenl The charity is controlled by Its goveming document. a deed of Irust and constitutes ￿ unncorporated chaiity. Page 1 Th• She rove TNst Rè rt ot he Trus for the Year Ended 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEAIENT The Charity is controlled by its govenwng (knumerrt. a d•cl*ation of trust dated 21 Sept8rnber 1989. The Trustees were able to accumulate the income of the trust fund until 21 September 2010. Thé number of Trustees shall not be less than t￿) nor more than SIL Th8 tKW*Br of appointing Trustees is vested In the 5urvivtng or continuing Trustees. kny new Trustees ￿Uld be trained and inducted by the other Trustses. AJI decisions affecting the management of fhe Charity and its assets are taken by the Tru$tee5 meet at least once year. The Trustees received inv8sknent advice from Rothsehild Bank {Cl} Limitéd. The Charity does not adivety fvndraise and seéks to undertake its charitable objectNes through the carefijl stewardship of ts exlsting resources. Day to day management of the Charity is delegated to employees seconded to the Charity, and pald by the Charity via a connected party. REFERENCE AND ADMINISTRATIVE DEfAILS Registered Charity number 328369 Prlncipal address Sheepdrove Lamboume Hungerford RG17 7UU Trustees Mrs J E Kindersley P D Kindersley B G Kindersl8y Mrs A KindersIey Mrs H Treuille Audltors Sumer Audilco Limited Statutcry Auditors Hermes House Fir8 Fly Avenu• Swlndon Willshire SN2 2GA STATEPIJENT OF TRUSTEES. RESPONSIBILITIES The trustees are r8spofksible for preparing Ihe Rewrt of thè Trustees and the financial 5tstements in accordance wilh applicable law and Uniled Krngdom Accounting Standards (United Kingdom Genèralty Accepted Accounting Practice). The law appllcable to charities in England and Wales, Ihe Charities Act 2011, Charity (Accounts and Reports) Regulallons 2008 and the provisions of the trust deed requires the trustees to prepare financial stalemenls for each financial year which give a true and fair view of the stst8 of affairs of the charity and of the Incoming resources and application of resources, induding the income and expenditure. of the charity for that period. In preparing those financial ststements. Ihe trustees are required lo select suitsblé accounting policies and then apFly them Con￿Stend￿, observe the methods and principles in the Charity SORP., make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concem basis unless it is Inapyropriate lo presume thal the charity wll cA)ntinue In business. The trustees ar8 responsible for keeping proper accounting recoft15 which disdose wth reasonable a¢¢uracy at any time the financial position of the ¢harity and lo enable them to ensure that the financial ststements comply ￿￿th the Charities Ad 2011. the Gharity (Accounts and Reports) Regulations 2008 and the provisions of the tnjst deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps lor the prevention and detéction of fraud and other Irreg￿aritie8. Page 2 Tha Sheg drove Trust rt of the Trustees for the Year Ended 31 December 2023 Approved by order of the board of trustees on ....... .. ... . and signed on its behaff by. Mrs J E lindersiey- Trustee Page 3 rt of the Inde ondent Aud The Shee totheT g Trust esof Oplnlon We have audited the financ¥al statements of The Sheepdrove Trust (the '¢hariV) for the year ended 31 December 2023 which comprise the Statement of Financaal ￿￿VibeS. Ihe Balance Sheet and notes to the financaal stslements, including a summary of significant accounting policies. The finarKial reporting framework that ha5 been applied in Iholr preparation is applicable law and United Kingdom Ac(x)unling Standards (United Kingdom Generally Acc8Pt8d Accounting Practice). In our oplnlon the financial ststements: give a true and fair Mew of the slate of the charivs affairs as at 31 December 2023 arKI of its incoming resourcés and application of resourc4s. for the year then ended. have been property prepa￿ in accordance with United ￿ngdoM Generalty A￿epted Accounting Practice; and have been prepared in accordance with lh8 requirements of the Chariknes Acl 2011. Basls for opinion We conducled our audit in accordance ￿th IntematM)na Standards on AuditirKd (UK) {ISAs {UK)) and applicable law. Our rasponslbllities under those standards are further described Sn the Auditors, responsibilities for lh6 audlt of the financial statements section of our reporL We are Independent of the charity in accordance wtth the elhlcal requirements Ihat are relevant to our audit of the financial Statements in thé UK Including the FRC'S Ethical Stsndard and we have fulfilled our other elhical responsibilities in accordance y￿th these requlrements. We believe that the audlt evidence we have obtained is sufficient and appropriate to provide a basi$ for our opinion. Concluslons relating to going concam In auditing the ffinancial statements. we have conduded that the trustees, use of the going omcam basls of accounting in the preparation of the finanaal ststements is appropriate. Based on the work we ha￿ perfomied. we have not identified any materlal uncertaintres relating to events or eondltlons that individually or cdleckn'vely. may cast significant doubt on the charitys abilty to contlnue as a going conc8rn for period of at least ￿￿1Ve months frorn when the financial statements are authori$8d for issue. Our responsibilities and the responsibilities of the trustees respec* lo goiTWJ Q)ncem arn described in the relevant sections of this reporL othèr Informatlon Th8 trustees are responsible for the other Yrfonnation. Th8 other infornmtlon comprises the inft)nnation included in the Annual R8POrt, other than the financial slatements and our Reptht of the Independent Auditors thereon. i)Jr opinion on the financial st2t8ments does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not eywress any form of assuran¢e conclusion thereon. In connection our audit of Ihe financial statements, our reSp{￿S1b1lfy is to read the other Infomiation and, in doing so. consider Ythether the other information is materially inconsistent the financial statements or our knowledge obtained in the audit or othenvise appears to be materially misstated. If we idenlrfy such material inconsisten¢les or apparent material misstatements. we are required to detemiine vthether this gives rise to a material misst8tem8nl in th• financial statements themselves. If, based on the vnrk we have p8rfonned. we conclude that there is a matèrial misstatsment of Ihis other infornlation, we are requlred to report that facL Wé have wthlrKJ io report in thls regard. Matters on which wo are required to report by exception We have nothing to report in respect of the following matters vthere the Charili8s (Aecounts and Reports) Regulations 2008 requires us to report to you rf, in our opinion: th8 infonnation glven in the Report of the Trusteas is incl￿$1$tent in any material r8spect vfith tha financial statements. or sufficiant accounting records have not been kept: or the financial statements are not in agreement V￿th the acojunting records and retums: or we have nol received all the infomiation and explanations we requi￿ for our autht. Responslbllltles of trustees As explained more fully in the Ststement of TnJste8s' Responsibilitles. the trustees are respon&bl8 for the preparation of the financial statements ￿1¢h glve a true and fair view. and for such internal Control a5 the Iruslees determlne is nec8ssary to enable the preparation of financial statements that are free from material misststemen( whether duè io fraud or error. In preparing the financial statem8nts. th8 tnjstees are responsible for assessing Ihe charltys ability to Continue as a going concem. dlsclosing, 8s applicable, matters relatsd to going concern and using the going conc8m basls of accounting unless the truslees either intend to liquidale the charity or to cease opernlions, or have no reallstic alternative but to do so. Page 4 ort ofthe Inde endent Audl The Shee rs to the Trus Trust Our responslbllltles for the au Comrnitments at 31 De¢embér 2023 270.500 463.433 Commitments at 31 December 2023 are payabl& as follows: Wtthin one year After more than one year 216.500 54.000 294,433 169,000 Total 270.500 463.433 Page11 continued... The Shé• rove Trust Notes lo the Flnancial Statements - co in for the Year Ended 31 December 2023 SUPPORT COSTS Govemance costs Management Totsls Grant maklng 22.374 8.885 31,259 Support costs. included in the above, are as follows: 2023 Grant making 2022 Total activities Wages Other ¢haritsble events Bank charges Sundries Legal and professlonal Auditors, remuneration 8.600 11,175 150 229 2.220 8,885 8,(100 12.335 200 1,367 8.105 31,259 30,007 AUDrroRS' REMUNERATION 2023 2022 Fees payable to tha charitys authors for the audit of the tharitys ffinancial statements 8,885 8,105 TRUSTEES. REMUNERATION AND BENEFrrs There were no trustees, remunerati￿ or olher beneffts the year ended 31 De¢ember 2023 nor for the year ended 31 December 2022. Trustees. expenses Thère were no twstée$' èxpenses paid for the year ended 31 Decemb8r 2023 nor for the year ended 31 December 2022. 10. STAFF COSTS 2023 2022 Wages and salaries 8,600 8.C>OO 8.600 8,000 The average monthly number of employees during the year was as folknK8: 2023 2022 Administration No employees received emoluments in excess of £60.OIYJ. Page 12 continued... Tha Shao rtsve Trust lo the Financial SL*èmgnts - contlnuod for the Year Ended 31 December 2023 11. COMPARATIVES FOR THE STATEMEKf OF FINANCIAL ACTivm&8 Unrestricted fvnd INCOME AND ENDOWMENTS FROM Investrnent income 104 EXPENDMJRE ON Raistng funds 38.730 Charftable a￿1VIlla8 Grant making Save the Bee's project 507.607 219,502 Tolal 765,839 Net gainsl(losse5) on invesknents (2,508,987) NET INCOMEI(EXPENDITURE) (3,274.702) RECONCIUATION OF FUNDS Totsl funds brought forward 29,576,871 TOTAL FUNDS CARRIED FORWARD 26,302,169 12. FIXED ASSEf INVESTMENTS Cash and sethements pending Llstsd investments Totals MARI￿ VALUE At 1 January 2023 Additions DisF)osals Revaluations 26.673,399 66.972 (744,200) 2.040,759 90,553 26.763.952 66.972 1749,0021 2,040.759 (4,802) At 31 December 2023 28,036.930 85,751 28,122.681 NEf BOOK VALUE At 31 December 2023 28.036.930 85.751 28,122.681 At 31 December 2022 28.673,399 90.553 26.763,952 Anatysls of investments: 2023 2022 UK securities Overseas securtltes Cash 26,499,638 1,537.292 85.751 25,039,545 1.633,854 90.553 28,122,681 26,783,952 The investments are held to provld& an Nwestmènt retum for the charity and are listed on recognlsod stock exchanges arKI managed by independent fund managers. Page 13 continu8d... The Shee rove Trust e Financial Statemen nllnued for the Year Ended 31 Dècèrn￿r 2023 13. DEBTORS: AMOUNTS FALLING DUE MTHIN ONE YEAR 2023 2022 Other debtors 667 687 14. CREDrfoRS: Amoupifs FALLING DUE wrrHIN ONE YEAR 2023 2022 Accruals and deferred incl Acryuals for grants payable 16,080 216,500 13.500 294,433 232,580 307,933 15. REDITORS: AMOU*￿s FALUNG DUE AFfER MORE THAN ONE YEAR 2023 2022 Accruals for grants payat4e 54.000 169,000 MOVEMENT IN FUNDS Net movement In funds At 31.12.23 At 1.1.23 Unrestricted funds General fund 26,302,169 1,596,561 27,898,730 TOTAL FUNDS 26.302.169 1.596.561 27,898,730 Net movement In funds. induded in the above are as follo￿. Incoming Gains and losses Movement in funds eynded Unr•strf¢lod funds Genéral fund 57,614 (501,812) 2,040.759 1.596,561 TOTAL FUNDS 57.614 (501,812) 2,040.759 1,596.581 Comparatives for movement in funds Net movement in fvnds At 31.12.22 At 1.1.22 Unrestricted funds General fund 29.576.871 <3.274.702> 26.302,169 TOTAL FUNDS 29.576.871 (3.274.702) 26,302.169 Page 14 continued... The shee rove Trust otes to inancial Statemonts - e¢)ntlnu•d for the Year Ended 31 December 202 16. MOVEMENT IN FUNDS - ¢ontinued G)mparative net movement in funds. Induded in the above are as follows: In￿rnIng resources ResOU￿S expended Gains and losses Movernent in funds Unrestrfcted funds General fund 104 (765,839) (2,508.967) {3274.702) TOTAL FUNDS 104 {765.839) (2,508.967) 13,274,702) 17. RELATED PARTY DISCLOSURES Neal's Yard Remedies is a ¢ompany in which Ihe tTU5tees are shareholders. During the year the charity paid grant of £1,580 to Tabitha Robertson Aromatherapy for treatrnents carrfed out at Neal's Yard premises for Grenfell Tower suniivors. Th8 Trust also paid £800 for Butterty, Inverte￿ arKI Breeding bird surveys on the Sheepdrove Farm, a fami whth the trusteas own. In 2022. Neal's Yard Remédies launched a new ¢ampaign to prOt￿t the precious bee populatSon. Anabel lQndersley, Co￿wner of Neal's Yard, hostod a Bee Symposium in June 2022. bringing together lik&minded businesses to debate and address the issue of bee-hamiing neonicotinoid pestiade5 and explore ways ol worklng with nature to prolect the UICS bee populatiC￿. The Sheepdrove Trust funded the Bee Symposium and continuas to support Save the Bees campaign. Page 15